FX.co - USD/JPY analysis for May 11, 2023 - Potential for the further downside movement

2023-05-11T06:30:58

Relevance until2023-05-12

Technical analysis:

USD/JPY analysis for May 11, 2023 - Potential for the further downside movement

USD/JPY has been trading downside and the second downside leg is in creation. Potential for the further downside movement.

Due to the downside movement and the breakout of the tight range in the background, I see potential for the further drop towards lower references.

Downside objectives are set at the price of 133.00 and 131.35

MACD oscillator is showing downside reading, which is another good sign for the further downside movement.

Key resistance is set at the price of 135.50

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for May 11, 2023 - Potential for the further downside movement